Biden administration outlines rules for Instant EV Rebates to boost sales
The United States
Treasury Department released new proposed guidance on Friday for
electric vehicle tax credits that will put money back in buyers' pockets instantly.
Last year, Congress passed sweeping legislation for EV tax credits under President
Joe Biden’s Inflation Reduction Act, which included major tax and climate measures promoting clean energy. The credits are part of a push by the White House to help achieve Biden's goal of making all new car sales 50% electric by the end of the decade.
Beginning next year, buyers of new, clean vehicles can transfer federal
tax credits to use at the dealership rather than waiting for a tax refund.
Starting in January 2024, buyers who opt to purchase a new vehicle can get up to $7,500 off the sticker price if they make less than $150,000 — or $225,00 for heads of households and $300,000 for married couples. Buyers of used electric vehicles can get $4,000 off a car priced at less than $25,000 if they make under $75,000 — or $112,500 for heads of households and $150,000 for married couples.
The United States Treasury Department released new proposed guidance on Friday for electric vehicle tax credits that will put money back in buyers' pockets instantly.
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